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Nowhere has parochialism in business resonated like it has in Finland over the
past 30 years. Nokia was not only a global powerhouse at the turn of the
century, when it commanded a market value of $250 billion, but a source of
immense national pride as it steamed ahead of Motorola, Sony and — perhaps
most satisfyingly — Sweden’s Ericsson in the race to dominate the emerging
mobile phone market.

The company, which took its name from the Nokianvirta river when it was set up
as a forestry company 150 years ago, also dominated the Finnish economy.
Only two years ago, its